Chunghwa Telecom Co (中華電信), Taiwan’s largest telecoms operator, yesterday forecast that revenue would drop 1.1 percent to NT$217.82 billion this year from unaudited consolidated revenue of NT$215.36 billion last year.

That would be a result of reduced revenue from a property developing subsidiary, decline in voice revenue following National Communications Commission-mandated tariff reductions and a mobile interconnection rate reduction.

Motech said it planned to raise up to US$130 million by issuing convertible corporate bonds to purchase raw materials from overseas.

NT dollar gains ground

The New Taiwan dollar rose against the US dollar yesterday, gaining NT$0.001 to close at NT$29.559 after intervention by the central bank, dealers said.

Turnover totaled US$1.118 billion.

The rising NT dollar came as traders took cues from a rebound of the South Korean won, which added 1.74 percent against the US dollar on Monday from the previous session, the dealers said.

A strong rebound staged by the local bourse also placed some downward pressure on the US dollar, particularly in the afternoon session, they said.

The dealers said that as long as regional counterparts, especially the won, resume a downward pattern, the NT dollar is expected to weaken again on the back of the central bank’s intervention, the dealers said.

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